LONDON, UK, April 11, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Radiopharmaceutical Market By Type (Therapeutic and Diagnostic), By Application (Cardiology, Oncology, Neurology, and Others), By End-User (Diagnostic Centers, Hospitals & Clinics, and Others), and By Region-Global and Regional Industry Overview, Comprehensive Analysis, Competitive Intelligence, Statistical Evidence, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Radiopharmaceutical Market size & share was worth about 4.9 (USD billion) in 2021 and is predicted to grow to around 11.8 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 10.5% during the forecast period 2022 to 2028.” The study investigates several elements and their consequences on the growth of the radiopharmaceutical market.
What is Radiopharmaceutical? How big is the Radiopharmaceutical Market?
Radiopharmaceutical Market Overview:
Radiopharmaceuticals are radioactive substances that can be used for either therapeutic or diagnostic purposes. Chemicals that emit beta particles or gamma rays are frequently used for diagnostics, whereas compounds that emit alpha particles or Auger electrons are typically used for therapeutics. When radiopharmaceuticals are used for diagnostic purposes, they are referred to as "tracers." Diagnostic radiopharmaceuticals contain less radiation than therapy radiopharmaceuticals.
Radiopharmaceuticals are essentially one-of-a-kind therapeutic compositions that contain radioisotopes. These radiopharmaceuticals are used to diagnose as well as treat patients. There are four types of radiopharmaceuticals: radionuclide generator, radiopharmaceutical preparation, radiopharmaceutical preparation kit, and radiopharmaceutical precursor.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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- About 205+ Pages Research Report (Including Recent Research)
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
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- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 4.9 Billion |
| Projected Market Size in 2028 | USD 11.8 Billion |
| CAGR Growth Rate | 10.5% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Eczacýbaþý-Monrol Nuclear Products, NorthStar Medical Radioisotopes, Smith & Nephew plc., Lantheus Medical Imaging, NTP Radioisotopes, Hanger Inc., Advanced Accelerator Applications, Braun Melsungen AG, Otto Bock Healthcare GmBH, Bracco Imaging, Cardinal Health, Nordion, Eckert & Ziegler, General Electric, Zimmer Biomet, Bayer AG, JSC Isotope, and Curium., among others |
| Key Segment | By Type, Application, End-User, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Global Radiopharmaceutical Market: Growth Factors
- Nuclear imaging modalities will benefit from technological advancements, propelling the market
One of the major factors fostering the global radiopharmaceutical market growth is the rising prevalence of acute and chronic diseases such as cancer around the world as a result of various factors. Radiopharmaceuticals allow for the detection of tumor cells in organs or throughout the body. Cancer is the world's second leading cause of death. Rising R&D spending on medical instruments and devices, particularly in developed and developing economies, will create even more lucrative market growth opportunities. The nuclear medicine field's research and development capabilities are also boosting the market's growth rate. Another important factor driving the market growth is the increased emphasis on improving the overall quality of healthcare facilities and the overall healthcare infrastructure.
A growing number of collaborations and strategic partnerships between public and private players in the funding and implementation of technological improvements are creating even more lucrative market opportunities. However, high costs associated with R & D capabilities, short half-lives of radiopharmaceuticals, restricted infrastructural facilities, high equipment prices, and a lack of awareness in primitive economies are expected to stymie market growth.
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Radiopharmaceutical Market: Segmentation Analysis
The global radiopharmaceutical market is segregated on the basis of type, application, end-user, and region. By type, the market is divided into therapeutic and diagnostic. Diagnostic radiopharmaceuticals are further subdivided into SPECT radiopharmaceuticals and PET radiopharmaceuticals. SPECT radiopharmaceuticals are further classified as Iodine-123, Thallium-201, Technetium-99m, and others. PET radiopharmaceuticals are classified as 68Ga, FDG-PET/18F, 11c, and others. The diagnostic radiopharmaceuticals segment is expected to dominate the global market due to factors such as effective imaging of patient populations with various cancers, launching new products to diagnose various disorders and rising procedural volumes globally.
By application, the market is classified into cardiology, oncology, neurology, and others. The oncology segment is projected to grow at the fastest rate. A cancer diagnosis is one of the most common imaging procedures performed around the world. This is due to increased awareness of early cancer detection, the high prevalence of cancer, and the benefits of early detection in the management & treatment of various types of cancer. By end-user, the market is divided into diagnostic centers, hospitals & clinics, and others. During the forecast period, the hospitals & clinics segment is projected to grow at a significant CAGR.
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Competitive Landscape:
Some of the main competitors dominating the global Radiopharmaceutical market include -
- Eczacýbaþý-Monrol Nuclear Products
- NorthStar Medical Radioisotopes
- Smith & Nephew plc.
- Lantheus Medical Imaging
- NTP Radioisotopes
- Hanger Inc.
- Advanced Accelerator Applications
- Braun Melsungen AG
- Otto Bock Healthcare GmBH
- Bracco Imaging
- Cardinal Health
- Nordion
- Eckert & Ziegler
- General Electric
- Zimmer Biomet
- Bayer AG
- JSC Isotope
- Curium
Key Insights from Primary Research:
- A CAGR of roughly 10.5% is predicted for the Radiopharmaceutical market, according to the data provided by our research analyst.
- In 2021, the radiopharmaceutical market was estimated to be worth USD 4.9 billion, and by 2028, it is expected to be worth USD 11.8 billion.
- Radiopharmaceuticals used in neurological applications anticipated to rise in future.
- By type, the diagnostic radiopharmaceuticals segment will dominate the global market. This segment is also expected to grow at a significant compound annual growth rate (CAGR) due to factors such as improved imaging of patient populations with various cancers, the introduction of new products to diagnose various disorders, and an increase in the number of procedures performed worldwide.
- By application, the oncology segment is expected to increase at the fastest rate in the coming years. A cancer diagnosis is one of the most common imaging procedures conducted around the world.
- Due to its high number of healthcare facilities, expanding overweight population, large patient population suffering from chronic diseases such as cardiovascular disorders, cancer, and strokes, and a rise in research efforts, North America dominates the radiopharmaceutical industry.
Key questions answered in this report:
- What is the size of the Radiopharmaceutical market and what is its expected growth rate?
- What are the primary driving factors that push the Radiopharmaceutical Market forward?
- What are the Radiopharmaceutical Industry's top companies?
- What are the different categories that the Radiopharmaceutical Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
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COVID-19 Impact on Radiopharmaceutical Market:
Due to funding and schedule cuts during this phase, COVID-19 entered the market with a roadblock. The pandemic caused significant changes in the clinical processes of radiological medical units around the world. The market's revenue fell, causing a delay in a variety of non-diagnostic methods and treatment surgeries. Academic medical centers and universities were forced to close down scientific research activities in order to achieve the maximum impact of social distancing. Furthermore, a halt in funding for such research & development activities slowed market growth.
However, during Q3-Q4 2020, the number of patients began to rise as government regulations in various regions were eased. As a result, the reinstatement of services had a beneficial impact on the demand for radiopharmaceuticals in 2021.
Regional Dominance:
- North America dominates the global market while maintaining its position during the forecast period
North America dominates the radiopharmaceutical market due to its large number of healthcare services, growing overweight population, large patient population suffering from chronic diseases such as coronary disorders, cancer, & strokes, and a surge in research activities.
Asia-Pacific region is expected to grow significantly from 2022 to 2028 as a result of increased government initiatives to raise awareness, an increase in medical tourism, the availability of massive untapped markets, an increase in cases of cardiovascular diseases, the presence of key market players, the availability of well-established infrastructure, growing research activities in the region, a large population pool, and a growing demand for quality healthcare in the region.
Recent Developments
Recent Developments
- August 2021: NorthStar Medical Radioisotopes, LLC, a global pioneer in radiopharmaceuticals, and GE Healthcare announced an exclusive contract to manufacture and sell iodine-123 capsules in the United States.
- March 2021: Bracco Diagnostics Inc. has announced a collaboration with CardioNavix, LLC to increase accessibility to cardiac PET imaging. The Bracco Mobile Isotope Service, a new program, will allow further patient care forums can provide cardiac PET imaging.
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The global radiopharmaceutical market is segmented as follows:
By Type
- Therapeutic
- Diagnostic
By Application
- Cardiology
- Oncology
- Neurology
- Others
By End-User
- Diagnostic Centers
- Hospitals & Clinics
- Others
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- UK
- Spain
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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